BRE Select Hotels 10-Q 15 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 15, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	ck0001566445
Entity Registrant Name	BRE Select Hotels Corp
Entity Central Index Key	0001566445
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		100
Entity Emerging Growth Company	false
Entity Small Business	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Investment in real estate, net of accumulated depreciation of $128,670 and $130,231, respectively	$ 657,177	$ 674,130
Hotels held for sale		25,305
Cash and cash equivalents	17,356	20,460
Restricted cash	8,654	11,656
Due from third-party managers, net	5,812	4,802
Insurance receivable	10,650	11,958
Prepaid expenses and other assets	4,514	3,892
Goodwill	98,682	98,682
Deferred tax assets	438	335
TOTAL ASSETS	803,283	851,220
LIABILITIES
Accounts payable, accrued expenses, and other liabilities	22,636	22,706
Due to third-party managers, net	523	360
Mortgages payable	693,865	692,882
Mortgages payable related to assets of hotels held for sale		22,324
TOTAL LIABILITIES	717,024	738,272
Commitments and contingencies (Note 8)
7% Series A Cumulative Redeemable Preferred Stock, $1.90 initial liquidation preference, 120,000,000 shares authorized; 43,821,901 shares issued and outstanding at March 31, 2019 and December 31, 2018	82,880	82,880
STOCKHOLDER'S EQUITY
Preferred stock, $0.0001 par value, 30,000,000 shares authorized; none issued and outstanding at March 31, 2019 and December 31, 2018
Common stock, $0.01 par value, 100,000 shares authorized; 100 shares issued and outstanding at March 31, 2019 and December 31, 2018	0	0
Additional paid-in capital	3,379	30,068
TOTAL STOCKHOLDER'S EQUITY	3,379	30,068
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$ 803,283	$ 851,220

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accumulated depreciation of Investment in real estate	$ 128,670	$ 130,231
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	100	100
Common stock, shares outstanding	100	100
7% Series A Cumulative Redeemable Preferred Stock [Member]
Preferred Shares Dividend Percentage	7.00%	7.00%
Preferred stock initial liquidation preference per share	$ 1.90	$ 1.90
Preferred stock, shares authorized	120,000,000	120,000,000
Preferred stock, shares issued	43,821,901	43,821,901
Preferred stock, shares outstanding	43,821,901	43,821,901

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUE
Revenue	$ 52,721	$ 55,777
EXPENSES AND OTHER
Operating expense	12,507	13,639
Hotel administrative expense	5,099	5,322
Sales and marketing	4,600	4,796
Repair and maintenance	2,604	2,702
Management fees	1,566	1,696
Taxes, insurance and other	2,801	4,006
General and administrative	2,280	1,398
Depreciation expense	8,141	8,749
Impairment of investments in real estate	14,416
Net loss on sale of hotel properties	429	0
Gain on insurance proceeds	(16,061)
Interest expense, net	9,334	9,424
Gain on derivatives		(60)
Income (loss) before income tax benefit	668	(352)
Income tax benefit	1,035	698
Net income	1,703	346
Series A Preferred Stock dividends declared	(2,292)	(1,459)
Net loss available for common stockholder	$ (589)	$ (1,113)
Basic and diluted net loss per common share
Basic and diluted net loss per common share available to common stockholder	$ (5,890)	$ (11,130)
Dividends declared per common share	$ 281,000	$ 40,000
Weighted average common shares outstanding - basic and diluted	100	100
Room Revenue [Member]
REVENUE
Revenue	$ 50,102	$ 52,540
Other Revenue [Member]
REVENUE
Revenue	2,619	3,237
Utilities [Member]
EXPENSES AND OTHER
Expenses	1,711	1,869
Franchise Fees [Member]
EXPENSES AND OTHER
Expenses	$ 2,626	$ 2,588

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Distributions Greater than Net Income [Member]
Beginning balance at Dec. 31, 2017	$ 73,548		$ 73,548
Beginning balance, shares at Dec. 31, 2017		100
Net income	346			$ 346
Cash dividends declared and paid to common stockholder ($261,000 per share)	(4,000)		(3,654)	(346)
Preferred dividends earned ($0.0333 per share)	(1,459)		(1,459)
Ending balance at Mar. 31, 2018	68,435		68,435
Ending balance, shares at Mar. 31, 2018		100
Beginning balance at Dec. 31, 2018	30,068		30,068
Beginning balance, shares at Dec. 31, 2018		100
Net income	1,703			1,703
Contributions	2,000		2,000
Cash dividends declared and paid to common stockholder ($261,000 per share)	(28,100)		(26,397)	$ (1,703)
Preferred dividends earned ($0.0333 per share)	(2,292)		(2,292)
Ending balance at Mar. 31, 2019	$ 3,379		$ 3,379
Ending balance, shares at Mar. 31, 2019		100

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash dividends declared and paid to common stock, per share	$ 281,000	$ 40,000
Preferred dividend earned, per share	0.0523	0.0333
Additional Paid-In Capital [Member]
Cash dividends declared and paid to common stock, per share	281,000	40,000
Preferred dividend earned, per share	$ 0.0523	$ 0.0333

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 1,703	$ 346
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,141	8,749
Impairment of investments in real estate	14,416
Net loss on sale of hotel properties	429
Fair value adjustment of interest rate cap		(60)
Amortization of deferred financing costs	1,111	1,959
Deferred income taxes	(103)	169
Changes in operating assets and liabilities:
(Increase) decrease in due to/from third-party managers, net	(847)	77
Decrease in insurance receivable	1,345
Increase in prepaid expenses and other assets	(622)	(927)
Increase in accounts payable, accrued expenses, and other liabilities	(3,826)	(422)
Net cash provided by operating activities	21,747	9,891
Cash flows from investing activities:
Capital improvements	(4,099)	(6,521)
Proceeds from sale of hotel properties	25,338	75,340
Property insurance proceeds	1,752	65
Net cash provided by investing activities	22,991	68,884
Cash flows from financing activities:
Payments of mortgage debt	(22,452)	(76,623)
Contributions	2,000
Dividends paid to Series A Preferred stockholders	(2,292)	(1,459)
Dividends paid to common stockholder	(28,100)	(4,000)
Net cash used in financing activities	(50,844)	(82,082)
Net decrease in cash and cash equivalents and restricted cash	(6,106)	(3,307)
Cash and cash equivalents and restricted cash, beginning of period	32,116	31,602
Cash and cash equivalents and restricted cash, end of period	26,010	28,295
Supplemental Cash Flow Information, including Non-Cash Activities:
Interest paid	8,344	7,549
Taxes paid	175
Accrued capital improvements	8,534	4,285
Insurance receivable for loss due to property damage	1,292
7% Series A Cumulative Redeemable Preferred Stock [Member]
Supplemental Cash Flow Information, including Non-Cash Activities:
Accrued 7% Series A Preferred Stock dividends	$ 2,292	$ 1,459

Organization

Organization	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization BRE Select Hotels Corp, together with its wholly owned subsidiaries (the “Company”), is a Delaware corporation that qualifies as a real estate investment trust, or REIT, for federal income tax purposes commencing in the year ended December 31, 2012. The Company was formed on November 28, 2012 to invest in income-producing real estate in the United States through the acquisition of Apple REIT Six, Inc. (“Apple Six”) on behalf of BRE Select Hotels Holdings LP (“BRE Holdings”), a Delaware limited partnership and an affiliate of the Company. All of the common stock of the Company is owned by BRE Holdings, which is an affiliate of Blackstone Real Estate Partners VII L.P. (the “Sponsor”). The acquisition of Apple Six (the “Merger”) was completed on May 14, 2013 (the “Acquisition Date”). As of March 31, 2019, the Company owned 45 hotels located in 16 states with an aggregate of 5,370 rooms.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation – Basis of Presentation – 10-K Use of Estimates – Cash and Cash Equivalents – Restricted Cash – The following table provides detail regarding cash and cash equivalents and restricted cash that sums to the total of such amounts presented in the accompanying condensed consolidated statements of cash flows. March 31, 2019 December 31, 2018 March 31, 2018 December 31, 2017 Cash and cash equivalents $ 17,356 $ 20,460 $ 15,474 $ 22,491 Restricted cash 8,654 11,656 12,821 9,111 Total cash, cash equivalents and restricted cash $ 26,010 $ 32,116 $ 28,295 $ 31,602 Due from Third-Party Managers, net – Due to Third-Party Managers, net – Investment in Real Estate and Related Depreciation – Impairment of Investment in Real Estate – If events or circumstances change, such as the operating performance of a property declines substantially for an extended period of time or there is a change in anticipated hold periods, the Company’s carrying value for a particular property may not be recoverable and in such instances an impairment loss may be recorded. Recoverability of assets to be held and used is determined by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the asset. If the carrying value of such assets exceeds such cash flows, the assets are considered impaired. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. Fair value is determined by using management’s best estimate of the discounted net cash flows over the remaining useful life of the asset, or other indicators of fair value. During the three months ended March 31, 2019, the Company identified indicators of impairment for certain properties as a result of recent valuations obtained during the three months ended March 31, 2019. As a result, a test for impairment of each property was performed with fair value determined based on the estimated sales proceeds for the property. The following table summarizes the impairments of investments in real estate for the three months ended March 31, 2019. Date of Impairment Charge Property Impairment March 2019 Courtyard—Pensacola, Florida $ 937 March 2019 Hilton Garden Inn—Saratoga Springs, New York 5,927 March 2019 Home Wood Suites—Fort Worth, Texas 3,969 March 2019 Hilton Garden Inn—McAllen, Texas 3,583 Total impairment of investments in real estate $ 14,416 Goodwill – two-step Revenue Recognition – No. 2014-09, Revenue from Contracts with Customers No. 2014-09 Room revenue is generated through contracts with customers whereby the customers agree to pay a daily rate for right to use a hotel room. The Company’s contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. Payment from the customer is secured at the end of the contract upon check-out Food and beverage revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or banquet services. The Company’s contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the banquet facilities and related dining amenities are provided to the customer. The Company believes there are no significant judgments regarding the recognition of food and beverage revenue. The Company recognized $1.6 million and $2.1 million of food and beverage revenue during the three months ended March 31, 2019 and 2018, respectively, which is included in other revenue in the Company’s condensed consolidated statements of operations. Sales and Marketing Costs – Income Taxes – Valuation of Deferred Tax Assets – Loss per Common Share Segment Information – New Accounting Pronouncements – Leases, Two of the Company’s existing ground leases and one parking lease were classified as operating leases and upon adoption, the Company recognized an operating lease liability and corresponding ROU asset of $0.7 million. The lease liabilities are included as a component of accounts payable, accrued expenses, and other liabilities and the related ROU assets are recorded as a component of investments in real estate, net, on the Company’s condensed consolidated balance sheet. Refer to Note 8 for additional information. In transition, the Company elected the package of practical expedients to not reassess (i) whether existing arrangements are or contain a lease, (ii.) the classification of an operating or financing lease in a period prior to adoption, and (iii.) any initial direct costs for existing leases. Additionally, the Company elected not to use hindsight and carried forward it’s lease term assumptions when adopting Topic 842 and did not recognize lease liabilities and lease assets for leases with a term of 12 months or less. The Company applied ASU 2016-02 as of the effective date of January 1, 2019, and there was no impact to retained earnings as a result of the Company’s adoption. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. 2017-04 2017-04

Investment in Real Estate, net

Investment in Real Estate, net	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Investment in Real Estate, net	3. Investment in Real Estate, net Investment in real estate, net, as of March 31, 2019 and December 31, 2018 consisted of the following: March 31, 2019 December 31, 2018 Land and Improvements $ 107,808 $ 109,033 Building and Improvements 619,111 630,723 Furniture, Fixtures and Equipment 56,218 57,843 Construction in Progress 2,041 6,762 Operating lease right-of-use 669 — 785,847 804,361 Less: Accumulated Depreciation (128,670 ) (130,231 ) Investment in Real Estate, net $ 657,177 $ 674,130

Sale of Hotel Properties

Sale of Hotel Properties	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	4. Sale of Hotel Properties During the three months ended March 31, 2019, the Company sold three hotels as summarized below. Hotel Date of Sale Proceeds Gain (Loss) Mortgage Homewood Suites—Laredo, Texas January 2019 $ 9,765 $ 11 $ 8,159 Residence Inn—Laredo, Texas February 2019 9,302 46 7,149 Courtyard—Dothan, Alabama February 2019 6,271 (486 ) 7,016 Total $ 25,338 $ (429 ) $ 22,324 The Company received proceeds of $25.3 million from the sales of these hotels, which are net of $0.8 million in selling costs. During the year ended December 31, 2018, the Company recorded a $5.0 million impairment of investment in real estate related to these three properties. During the three months ended March 31, 2018, the Company sold two hotels as summarized below. Hotel Date of Sale Proceeds Gain Mortgage Residence Inn—Huntsville, Alabama January 2018 $ 7,587 $ — $ 7,587 Marriott—Redmond, Washington February 2018 67,753 — 68,917 Total $ 75,340 $ — $ 76,504 The Company received proceeds of $75.3 million from the sales of these hotels, which are net of $2.5 million in selling costs. Due to the sale of these hotels, the Company made an additional principal payment of $6.6 million in order to comply with the debt yield as required under the terms of the Company’s mortgage loan agreement. During the year ended December 31, 2017, the Company recorded a $10.9 million impairment of investment in real estate related to these two properties, therefore, no gain or loss was recorded during the three months ended March 31, 2018.

Hotels Held for Sale

Hotels Held for Sale	3 Months Ended
	Mar. 31, 2019
Text Block [Abstract]
Hotels Held for Sale	5. Hotels Held for Sale During the fourth quarter of 2018, the Company committed to a plan to sell three hotels and accordingly the hotels were classified as hotels held for sale as of December 31, 2018. Hotels held for sale presented in the December 31, 2018 condensed consolidated balance sheet consisted of the investment in real estate of each hotel, which was measured at December 31, 2018 at the lower of carrying value or fair value, less costs to sell. Mortgages payable related to assets of hotels held for sale presented in the December 31, 2018 condensed consolidated balance sheet represents the principal of the mortgage payable that the Company was contractually required to repay in connection with the sale of the hotels. There were no other major captions of assets or liabilities related to the hotels held for sale. The following is a summary of hotels held for sale as of December 31, 2018. Hotel Assets of Hotels Homewood Suites—Laredo, Texas $ 9,748 Residence Inn—Laredo, Texas 9,252 Courtyard—Dothan, Alabama 6,305 Total $ 25,305 The Company sold the hotels in the first quarter of 2019 as described in Note 4. No hotels were held for sale as of March 31, 2019.

Mortgages Payable

Mortgages Payable	3 Months Ended
	Mar. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgages Payable	6. Mortgages Payable Mortgages payable as of March 31, 2019 and December 31, 2018 consisted of the following: March 31, December 31, Mortgages payable before unamortized deferred financing costs $ 695,259 $ 695,387 Unamortized deferred financing costs (1,394 ) (2,505 ) Mortgages payable related to assets held and used $ 693,865 $ 692,882 Mortgages payable related to assets of hotels held for sale — 22,324 Total mortgages payable $ 693,865 $ 715,206 On July 7, 2017, certain indirect wholly-owned subsidiaries (the “Borrowers”) of the Company entered into a loan agreement (the “Loan Agreement”) with Morgan Stanley Bank, N.A., Bank of America, N.A., Citigroup Global Markets Realty Corp., and JPMorgan Chase Bank, National Association (collectively, the “Lenders”), pursuant to which the Borrowers obtained an $800 million mortgage loan from the Lenders (the “Loan”). The Loan was secured by first-priority, cross-collateralized mortgage liens on 51 of the 52 properties owned or ground-leased by certain subsidiaries of the Company as of the date of the Loan, all related personal property, reserves, a pledge of all income received by the Borrowers with respect to the properties, a pledge of the ownership interests in the operating lessee, BRE Select Hotels Operating LLC, a subsidiary of the Company (the “Operating Lessee”), and a security interest in deposit accounts. The initial interest rate of the Loan is equal to the one-month one-year In connection with the Loan, the Company capitalized deferred financing costs of $10.8 million, which consists of amounts paid for direct and indirect costs associated with the origination of the Loan. Deferred financing costs were $1.4 million and $2.5 million as of March 31, 2019 and December 31, 2018, respectively, and are presented as a direct deduction of mortgages payable on the condensed consolidated balance sheets. Such costs are amortized on a straight-line basis (which approximates the effective interest method) over the term of the related debt. As part of the Merger, the Company assumed an existing loan with a commercial lender secured by the Company’s Fort Worth, Texas Residence Inn property. The loan matures on October 6, 2022 and carries a fixed interest rate of 4.73%. The outstanding principal balance was $15.5 million and $15.6 million as of March 31, 2019 and December 31, 2018, respectively, and is included in mortgages payable in the condensed consolidated balance sheets. Components of interest expense for the three months ended March 31, 2019 and 2018 were as follows: For the three months ended March 31, 2019 2018 Mortgage debt $ 8,275 $ 7,502 Amortization of deferred financing costs 1,111 1,959 Capitalized interest (52 ) (37 ) Total interest expense, net $ 9,334 $ 9,424 Future scheduled principal payments of debt obligations as of March 31, 2019 are as follows: 2019 (remaining months) $ 680,128 2020 533 2021 562 2022 14,036 2023 — 2024 — Thereafter — Total $ 695,259

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	7. Fair Value of Financial Instruments In accordance with the authoritative guidance on fair value measurements and disclosures, the Company measures nonfinancial assets and liabilities subject to nonrecurring measurement and financial assets and liabilities subject to recurring measurement based on a hierarchy that prioritizes inputs to valuation techniques used to measure the fair value. Inputs used in determining fair value should be from the highest level available in the following hierarchy: Level 1 Level 2 Level 3 Determining estimated fair values of the Company’s financial instruments such as mortgages payable requires considerable judgment to interpret market data. The market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts by which these instruments could be purchased, sold, or settled. The table excludes cash, restricted cash, due from third-party managers, net, prepaid expenses and other assets, accounts payable, accrued expenses, and other liabilities, and due to third-party managers, net, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows: March 31, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Financial liabilities not measured at fair value: Mortgages payable and mortgages payable related to assets of hotels held for sale $ 695,259 $ 694,924 $ 717,711 $ 717,227 Interest rate caps – Mortgages payable and mortgages payable related to assets of hotels held for sale – Impairment of investment in real estate –

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Insurance – On or around June 5, 2015, the Company evacuated and temporarily closed the Homewood Suites in Fort Worth, Texas due to damage incurred from extensive flooding in the area during late May 2015. Remediation work commenced immediately, and while the hotel reopened on October 27, 2015, all rooms were not restored to service until April 2017. Three other hotels the Company owns in the Dallas-Fort Worth area (SpringHill Suites Dallas Downtown, TownePlace Suites Las Colinas, and Residence Inn Forth Worth Cultural District) were significantly damaged in the same May 2015 storm. The remaining insurance receivables related to fiscal year 2015 property insurance claims totaled $5.1 million as of December 31, 2016. After negotiations with the insurance providers failed to resolve the dispute, the Company filed a lawsuit in August 2017 in order to collect the remaining amounts due from the insurance providers. Since the matter was subject to litigation and the collectability of the insurance receivable was no longer deemed probably and reasonably assured due to the uncertainty involved with the outcome of the litigation, during the fourth quarter of 2017, the Company recorded an allowance of $5.0 million against the insurance receivable and a corresponding loss on disposals of investment in real estate of $5.0 million for the year ended December 31, 2017. On March 4, 2019, the Company and the property insurer defendants concluded a settlement agreement for $16.1 million, resolving the insurance coverage dispute between them with respect to the properties at issue in the coverage litigation. The property insurers paid the settlement amount during the three months ended March 31, 2019. In addition, on April 1, 2019, the Company and a separate pollution legal liability insurer defendant reached an agreement to settle their coverage dispute regarding the same relevant properties. In April of 2019, the pollution legal liability insurer paid its settlement amount of $4.3 million and the pending coverage litigation was thereafter dismissed. In September 2018, the Company evacuated and temporarily closed the Courtyard in Myrtle Beach, South Carolina due to damage incurred from Hurricane Florence. In October 2018, Hurricane Michael struck the Florida Panhandle as a category 5 hurricane which resulted in widespread damage, flooding and power outages. The Company evacuated and temporarily closed the Courtyard in Panama City and three additional hotels were also impacted by the hurricane but were able to remain open. One of the impacted hotels, the Courtyard in Dothan, Alabama was sold in February 2019. The Company maintains insurance which is subject to a deductible of approximately $1.2 million. The Company recorded an insurance receivable of $10.6 million and $12.0 million as of March 31, 2019 and December 31, 2018. In addition, the Company recorded an impairment on investment in real estate of $0.8 million during the three months ended March 31, 2019 and $4.8 million during the year ended December 31, 2018, which represents the Company’s estimate of property damage and remediation costs incurred up to the insurance policy deductibles. The Company also anticipates receiving proceeds from business interruption insurance to cover business lost as a result of the hurricanes. Litigation – The Company, as the successor to Apple Six, is subject to claims for alleged acts of Apple Six that occurred prior to the Merger. On February 24, 2017, a putative class action, captioned Wilchfort v. Knight, et al. 17-cv-01046 successor-in-interest 17-cv-1046 17-cv-01046 Franchise Agreements Management Agreements – month-to-month TRS Lease Agreements – Leases The weighted average discount rate used to measure the ROU assets and lease liabilities for operating leases was approximately 4.5% as of March 31, 2019. The weighted average remaining lease term for the Company’s operating leases was approximately seven years as of March 31, 2019, Additionally, the Company has elected as an accounting policy not to recognize short-term leases (ie. leases with a lease term of 12 months or less), on the condensed consolidated balance sheet. After the adoption of the new accounting guidance related to leasing, future minimum base rental payments payable under these non-cancelable operating leases in effect at March 31, 2019 are as follows: 2019 (remaining months) $ 134 2020 119 2021 76 2022 78 2023 81 2024 83 Thereafter 219 Total undiscounted future lease payments $ 790 Less: Discount (120 ) Total lease liabilities $ 670 Prior to the adoption of the new accounting guidance related to leasing, future minimum base rental payments payable under non-cancelable leases in effect as of December 31, 2018 were as follows: 2019 (remaining months) $ 107 2020 45 2021 — 2022 — 2023 — 2024 — Thereafter — Total $ 152

7% Series A Cumulative Redeemab

7% Series A Cumulative Redeemable Preferred Stock	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
7% Series A Cumulative Redeemable Preferred Stock	9. 7% Series A Cumulative Redeemable Preferred Stock In connection with the Merger, the Company issued 97,032,848 shares of Series A Preferred Stock. The terms of these shares provide the Company with the right to redeem such shares at any time for an amount equal to the liquidation preference, plus any accumulated and unpaid dividends. In addition, the terms of these shares include an option for a holder of such shares to require the Company to redeem all or a portion of such holder’s shares on or after November 14, 2020 for an amount equal to the liquidation preference, plus any accumulated and unpaid dividends. The initial dividend rate on these shares is 7% per annum. The dividend rate increased from 7% to 11% per annum on May 14, 2018. Due to the put option provided to the holders of these shares, such shares have been classified outside permanent stockholder’s equity. The initial liquidation preference of $1.90 per share will be subject to downward adjustment should net costs and payments relating to litigation and regulatory matters for alleged legacy acts exceed $3.5 million from the date of the Merger described in Note 1. The Company recognizes changes in the redemption value immediately as they occur and adjusts the carrying amount of the Series A Preferred Stock to equal the redemption value at the end of each reporting period. As of March 31, 2019, the initial liquidation preference has not been adjusted. As of March 31, 2019 and December 31, 2018, BRE Holdings owned approximately 0.9 million shares of the Series A Preferred Stock. On March 25, 2019, the Board of Directors of the Company declared a dividend on the Series A Preferred Stock of $0.0523 per share, which was paid on April 15, 2019 to stockholders of record on April 1, 2019. As of March 31, 2019, the Company accrued $2.3 million for this dividend, which is included in accounts payable, accrued expenses, and other liabilities in the condensed consolidated balance sheet. On March 26, 2019, the Board of Directors of the Company approved the redemption of 20,945,000 shares of Series A Preferred Stock from holders of record on March 29, 2019 (representing approximately 47.80% of the total Series A Preferred Stock outstanding). The shares of Series A Preferred Stock were redeemed on May 1, 2019. The shares of Series A Preferred Stock were redeemed on a pro rata basis from each stockholder at a redemption rate of $1.9099 per share, which was comprised of the $1.90 liquidation preference per share and $0.0099 in accumulated and unpaid dividends per share earned through the redemption date for an aggregate redemption amount of approximately $40.0 million.

Stockholder's Equity

Stockholder's Equity	3 Months Ended
	Mar. 31, 2019
Federal Home Loan Banks [Abstract]
Stockholder's Equity	10. Stockholder’s Equity The Company is authorized to issue 150,100,000 shares of capital stock pursuant to its Amended and Restated Certificate of Incorporation, consisting of (i) 100,000 shares of common stock, par value $0.01 per share, and (ii) 150,000,000 shares of preferred stock, par value $0.0001 per share. Holders of the Company’s common stock are entitled to one vote for each share of common stock held. At March 31, 2019 and December 31, 2018, there were 100 shares of common stock issued and outstanding. In March 2019, the holders of the Company’s common stock contributed $2.0 million to the Company. On March 7, 2019, the Board of Directors of the Company declared a dividend on its common stock of $121,000 per share, which was paid on March 7, 2019. On March 25, 2019, the Board of Directors of the Company declared a dividend on its common stock of $160,000 per share, which was paid on March 25, 2019.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The Company accounts for TRS income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The analysis utilized by the Company in determining the deferred tax valuation allowance involves considerable management judgment and assumptions. The deferred tax valuation allowance was $10.9 million and $10.7 million as of March 31, 2019 and December 31, 2018, respectively. For the three months ended March 31, 2019 and 2018, the Company recorded $1.0 million and $0.7 million of income tax benefit, respectively. The income tax expense for the three months ended March 31, 2019 and 2018 is comprised of federal and state income taxes.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions The Sponsor and its affiliates are in the business of making investments in companies and real estate assets and currently own, and may, from time to time acquire and hold, in each case, interests in businesses or assets that compete directly or indirectly with the Company. In addition, certain affiliates of the Sponsor have significant influence over Hilton, which indirectly owns the entities that serve as franchisors and receive franchise fees for 26 of the hotels owned by the Company. As of the end of May 2018, the Sponsor no longer has an equity investment in Hilton, however, an executive of the Sponsor is the Chairman of the Board of Directors of Hilton. In accordance with the Company’s certificate of incorporation, the Sponsor has no obligation to present any corporate opportunities to the Company or to conduct its other business and investment affairs in the best interests of the Company, common stockholder, or holders of Series A Preferred Shares. In connection with the Sponsor’s and its affiliates’ business activities, the Sponsor, BRE Holdings or any of their affiliates, including, without limitation, Hilton or its subsidiaries, may from time to time enter into arrangements with the Company or its subsidiaries. These arrangements may be subject to restrictions on affiliate transactions contained in agreements entered into in connection with the Loan. The Company incurred $4.0 million and $3.8 million of franchise fees, marketing fees and other expenses during the three months ended March 31, 2019 and 2018, respectively, under agreements with Hilton or its subsidiaries. No amounts were payable to Hilton as of March 31, 2019 or December 31, 2018. A management company provides services to the Company including financial, accounting, administrative and other services that may be requested from time to time pursuant to a corporate services agreement. Affiliates of the Sponsor hold a management interest in this management company. The Company paid $0.6 million and $1.2 million to this management company during the three months ended March 31, 2019 and 2018, respectively. No amounts were outstanding to this management company as of March 31, 2019 or December 31, 2018. Prepayments of $0.6 million and $0.5 million related to the corporate services agreement are included in prepaid expenses and other assets on the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation –
Basis of Presentation	Basis of Presentation – 10-K
Use of Estimates	Use of Estimates –
Cash and Cash Equivalents	Cash and Cash Equivalents –
Restricted Cash	Restricted Cash – The following table provides detail regarding cash and cash equivalents and restricted cash that sums to the total of such amounts presented in the accompanying condensed consolidated statements of cash flows. March 31, 2019 December 31, 2018 March 31, 2018 December 31, 2017 Cash and cash equivalents $ 17,356 $ 20,460 $ 15,474 $ 22,491 Restricted cash 8,654 11,656 12,821 9,111 Total cash, cash equivalents and restricted cash $ 26,010 $ 32,116 $ 28,295 $ 31,602
Due from Third-party Managers, net	Due from Third-Party Managers, net –
Due to Third-party Managers, net	Due to Third-Party Managers, net –
Investment in Real Estate and Related Depreciation	Investment in Real Estate and Related Depreciation –
Impairment of Investment in Real Estate	Impairment of Investment in Real Estate – If events or circumstances change, such as the operating performance of a property declines substantially for an extended period of time or there is a change in anticipated hold periods, the Company’s carrying value for a particular property may not be recoverable and in such instances an impairment loss may be recorded. Recoverability of assets to be held and used is determined by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the asset. If the carrying value of such assets exceeds such cash flows, the assets are considered impaired. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. Fair value is determined by using management’s best estimate of the discounted net cash flows over the remaining useful life of the asset, or other indicators of fair value. During the three months ended March 31, 2019, the Company identified indicators of impairment for certain properties as a result of recent valuations obtained during the three months ended March 31, 2019. As a result, a test for impairment of each property was performed with fair value determined based on the estimated sales proceeds for the property. The following table summarizes the impairments of investments in real estate for the three months ended March 31, 2019. Date of Impairment Charge Property Impairment March 2019 Courtyard—Pensacola, Florida $ 937 March 2019 Hilton Garden Inn—Saratoga Springs, New York 5,927 March 2019 Home Wood Suites—Fort Worth, Texas 3,969 March 2019 Hilton Garden Inn—McAllen, Texas 3,583 Total impairment of investments in real estate $ 14,416
Goodwill	Goodwill – two-step
Revenue Recognition	Revenue Recognition – No. 2014-09, Revenue from Contracts with Customers No. 2014-09 Room revenue is generated through contracts with customers whereby the customers agree to pay a daily rate for right to use a hotel room. The Company’s contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. Payment from the customer is secured at the end of the contract upon check-out Food and beverage revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or banquet services. The Company’s contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the banquet facilities and related dining amenities are provided to the customer. The Company believes there are no significant judgments regarding the recognition of food and beverage revenue. The Company recognized $1.6 million and $2.1 million of food and beverage revenue during the three months ended March 31, 2019 and 2018, respectively, which is included in other revenue in the Company’s condensed consolidated statements of operations.
Sales and Marketing Costs	Sales and Marketing Costs –
Income Taxes	Income Taxes –
Valuation of Deferred Tax Assets	Valuation of Deferred Tax Assets –
Loss per Common Share	Loss per Common Share
Segment Information	Segment Information –
Accounting Pronouncements	New Accounting Pronouncements – Leases, Two of the Company’s existing ground leases and one parking lease were classified as operating leases and upon adoption, the Company recognized an operating lease liability and corresponding ROU asset of $0.7 million. The lease liabilities are included as a component of accounts payable, accrued expenses, and other liabilities and the related ROU assets are recorded as a component of investments in real estate, net, on the Company’s condensed consolidated balance sheet. Refer to Note 8 for additional information. In transition, the Company elected the package of practical expedients to not reassess (i) whether existing arrangements are or contain a lease, (ii.) the classification of an operating or financing lease in a period prior to adoption, and (iii.) any initial direct costs for existing leases. Additionally, the Company elected not to use hindsight and carried forward it’s lease term assumptions when adopting Topic 842 and did not recognize lease liabilities and lease assets for leases with a term of 12 months or less. The Company applied ASU 2016-02 as of the effective date of January 1, 2019, and there was no impact to retained earnings as a result of the Company’s adoption. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. 2017-04 2017-04

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Cash and Cash Equivalents and Restricted Cash	The following table provides detail regarding cash and cash equivalents and restricted cash that sums to the total of such amounts presented in the accompanying condensed consolidated statements of cash flows. March 31, 2019 December 31, 2018 March 31, 2018 December 31, 2017 Cash and cash equivalents $ 17,356 $ 20,460 $ 15,474 $ 22,491 Restricted cash 8,654 11,656 12,821 9,111 Total cash, cash equivalents and restricted cash $ 26,010 $ 32,116 $ 28,295 $ 31,602
Impairments of Investments in Real Estate	The following table summarizes the impairments of investments in real estate for the three months ended March 31, 2019. Date of Impairment Charge Property Impairment March 2019 Courtyard—Pensacola, Florida $ 937 March 2019 Hilton Garden Inn—Saratoga Springs, New York 5,927 March 2019 Home Wood Suites—Fort Worth, Texas 3,969 March 2019 Hilton Garden Inn—McAllen, Texas 3,583 Total impairment of investments in real estate $ 14,416

Investment in Real Estate, net

Investment in Real Estate, net (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Investment in Real Estate	Investment in real estate, net, as of March 31, 2019 and December 31, 2018 consisted of the following: March 31, 2019 December 31, 2018 Land and Improvements $ 107,808 $ 109,033 Building and Improvements 619,111 630,723 Furniture, Fixtures and Equipment 56,218 57,843 Construction in Progress 2,041 6,762 Operating lease right-of-use 669 — 785,847 804,361 Less: Accumulated Depreciation (128,670 ) (130,231 ) Investment in Real Estate, net $ 657,177 $ 674,130

Sale of Hotel Properties (Table

Sale of Hotel Properties (Tables)	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	During the three months ended March 31, 2019, the Company sold three hotels as summarized below. Hotel Date of Sale Proceeds Gain (Loss) Mortgage Homewood Suites—Laredo, Texas January 2019 $ 9,765 $ 11 $ 8,159 Residence Inn—Laredo, Texas February 2019 9,302 46 7,149 Courtyard—Dothan, Alabama February 2019 6,271 (486 ) 7,016 Total $ 25,338 $ (429 ) $ 22,324 During the three months ended March 31, 2018, the Company sold two hotels as summarized below. Hotel Date of Sale Proceeds Gain Mortgage Residence Inn—Huntsville, Alabama January 2018 $ 7,587 $ — $ 7,587 Marriott—Redmond, Washington February 2018 67,753 — 68,917 Total $ 75,340 $ — $ 76,504

Hotels Held for Sale (Tables)

Hotels Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2019
Text Block [Abstract]
Summary of Hotels Held for Sale	The following is a summary of hotels held for sale as of December 31, 2018. Hotel Assets of Hotels Homewood Suites—Laredo, Texas $ 9,748 Residence Inn—Laredo, Texas 9,252 Courtyard—Dothan, Alabama 6,305 Total $ 25,305

Mortgages Payable (Tables)

Mortgages Payable (Tables)	3 Months Ended
	Mar. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Mortgages Payable	Mortgages payable as of March 31, 2019 and December 31, 2018 consisted of the following: March 31, December 31, Mortgages payable before unamortized deferred financing costs $ 695,259 $ 695,387 Unamortized deferred financing costs (1,394 ) (2,505 ) Mortgages payable related to assets held and used $ 693,865 $ 692,882 Mortgages payable related to assets of hotels held for sale — 22,324 Total mortgages payable $ 693,865 $ 715,206
Schedule of Interest Expense	Components of interest expense for the three months ended March 31, 2019 and 2018 were as follows: For the three months ended March 31, 2019 2018 Mortgage debt $ 8,275 $ 7,502 Amortization of deferred financing costs 1,111 1,959 Capitalized interest (52 ) (37 ) Total interest expense, net $ 9,334 $ 9,424
Schedule of Future Principal Payments of Debt Obligations	Future scheduled principal payments of debt obligations as of March 31, 2019 are as follows: 2019 (remaining months) $ 680,128 2020 533 2021 562 2022 14,036 2023 — 2024 — Thereafter — Total $ 695,259

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Carrying Amounts and Estimated Fair Values of Financial Instruments	Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows: March 31, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Financial liabilities not measured at fair value: Mortgages payable and mortgages payable related to assets of hotels held for sale $ 695,259 $ 694,924 $ 717,711 $ 717,227

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Maturities of Lease Liabilities	After the adoption of the new accounting guidance related to leasing, future minimum base rental payments payable under these non-cancelable operating leases in effect at March 31, 2019 are as follows: 2019 (remaining months) $ 134 2020 119 2021 76 2022 78 2023 81 2024 83 Thereafter 219 Total undiscounted future lease payments $ 790 Less: Discount (120 ) Total lease liabilities $ 670
Summary of Future Minimum Lease Payments Due under Operating Leases	Prior to the adoption of the new accounting guidance related to leasing, future minimum base rental payments payable under non-cancelable leases in effect as of December 31, 2018 were as follows: 2019 (remaining months) $ 107 2020 45 2021 — 2022 — 2023 — 2024 — Thereafter — Total $ 152

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019HotelStateRoom	Jul. 07, 2017Hotel
Hotel [Member]
Organization [Line Items]
Number of hotels owned | Hotel	45	52
Number of states the hotels located | State	16
Aggregate number of rooms | Room	5,370
Apple REIT Six, Inc. [Member]
Organization [Line Items]
Acquisition date	May 14, 2013

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)Segment	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Jan. 01, 2019
Property, Plant and Equipment [Line Items]
Deposits within financial institutions	$ 250,000
Goodwill	98,682,000		$ 98,682,000
Goodwill impairment	0		$ 0
Food and beverage revenue	$ 52,721,000	$ 55,777,000
Number of operating segment | Segment	1
Lease discount rate				4.50%
Right-of-use asset	$ 700,000
Food and Beverage [Member]
Property, Plant and Equipment [Line Items]
Food and beverage revenue	1,600,000	$ 2,100,000
Accounting Standards Update 2016-02 [Member]
Property, Plant and Equipment [Line Items]
Operating lease liability	700,000
Right-of-use asset	$ 700,000
Buildings [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	39 years
Minimum [Member]
Property, Plant and Equipment [Line Items]
Percentage of adjusted taxable income to be distributed to stockholder	90.00%
Minimum [Member] | Land and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	10 years
Minimum [Member] | Furniture, Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	3 years
Maximum [Member] | Land and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	15 years
Maximum [Member] | Furniture, Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	7 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Cash and Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 17,356	$ 20,460	$ 15,474	$ 22,491
Restricted cash	8,654	11,656	12,821	9,111
Total cash, cash equivalents and restricted cash	$ 26,010	$ 32,116	$ 28,295	$ 31,602

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Impairments of Investments in Real Estate (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment	$ 14,416
Courtyard Pensacola Florida Property [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Date of Impairment Charge	2019-03
Impairment	$ 937
Hilton Garden Inn Saratoga Springs New York Property [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Date of Impairment Charge	2019-03
Impairment	$ 5,927
Homewood Suites Fort Worth Texas Property [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Date of Impairment Charge	2019-03
Impairment	$ 3,969
Hilton Garden Inn - McAllen, Texas Property [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Date of Impairment Charge	2019-03
Impairment	$ 3,583

Investment in Real Estate, ne_2

Investment in Real Estate, net - Investment in Real Estate (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Investment in Real Estate, gross	$ 785,847	$ 804,361
Less: Accumulated Depreciation	(128,670)	(130,231)
Investment in Real Estate, net	657,177	674,130
Land and Improvements [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	107,808	109,033
Building and Improvements [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	619,111	630,723
Furniture, Fixtures and Equipment [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	56,218	57,843
Construction in Progress [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	2,041	$ 6,762
Operating Lease Right of Use Assets [Member]
Real Estate Properties [Line Items]
Investment in Real Estate, gross	$ 669

Sale of Hotel Properties - Addi

Sale of Hotel Properties - Additional Information (Detail) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)Hotel	Mar. 31, 2018USD ($)Hotel	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Number of hotels sold | Hotel	3	2
Net proceeds from sale of hotels	$ 25,300	$ 75,300
Selling cost of sale of hotels	800	2,500
Impairment of investment in real estate			$ 5,000	$ 10,900
Additional principal payment		6,600
Gain (loss) on sale of hotel properties	$ (429)	$ 0

Sale of Hotel Properties - Summ

Sale of Hotel Properties - Summary of Hotels Sold (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of hotels	$ 25,338	$ 75,340
Gain/(Loss)from sale of hotels	(429)
Mortgage Payable Repaid	$ 22,324	$ 76,504
Residence Inn Huntsville Alabama Hotel [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Sale		2018-01
Net proceeds from sale of hotels		$ 7,587
Mortgage Payable Repaid		$ 7,587
Marriott Redmond Washington Hotel [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Sale		2018-02
Net proceeds from sale of hotels		$ 67,753
Mortgage Payable Repaid		$ 68,917
Homewood Suites - Laredo Texas Property [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Sale	2019-01
Net proceeds from sale of hotels	$ 9,765
Gain/(Loss)from sale of hotels	11
Mortgage Payable Repaid	$ 8,159
Residence Inn - Laredo, Texas Property [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Sale	2019-02
Net proceeds from sale of hotels	$ 9,302
Gain/(Loss)from sale of hotels	46
Mortgage Payable Repaid	$ 7,149
Courtyard - Dothan, Alabama Property [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Sale	2019-02
Net proceeds from sale of hotels	$ 6,271
Gain/(Loss)from sale of hotels	(486)
Mortgage Payable Repaid	$ 7,016

Hotels Held for Sale - Addition

Hotels Held for Sale - Additional Information (Detail) - Hotel	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]
Number of hotels held for sale	0	3

Hotels Held for Sale - Summary

Hotels Held for Sale - Summary of Hotels Held for Sale (Detail) $ in Thousands	Dec. 31, 2018USD ($)
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale	$ 25,305
Discontinued Operations, Held-for-sale [Member]
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale	25,305
Homewood Suites - Laredo Texas Property [Member] | Discontinued Operations, Held-for-sale [Member]
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale	9,748
Residence Inn - Laredo, Texas Property [Member] | Discontinued Operations, Held-for-sale [Member]
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale	9,252
Courtyard - Dothan, Alabama Property [Member] | Discontinued Operations, Held-for-sale [Member]
Long Lived Assets Held-for-sale [Line Items]
Hotels held for sale	$ 6,305

Mortgages Payable - Schedule of

Mortgages Payable - Schedule of Mortgages Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgages payable before unamortized deferred financing costs	$ 695,259	$ 695,387
Unamortized deferred financing costs	(1,394)	(2,505)
Mortgages payable related to assets held and used	693,865	692,882
Mortgages payable related to assets of hotels held for sale		22,324
Total mortgages payable	$ 693,865	$ 715,206

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)Hotel	Dec. 31, 2018USD ($)	Jul. 07, 2017USD ($)Hotel
Mortgage Loans on Real Estate [Line Items]
Deferred financing costs associated with Loan	$ 1,394,000	$ 2,505,000
Loan Agreement [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred financing costs associated with Loan	$ 10,800,000
Mortgage and Mezzanine Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Borrowings on mortgage loan			$ 800,000,000
Loans maturity, description	The Loan is scheduled to mature on July 9, 2019, with an option for the Borrowers to extend the initial term for five one-year extension terms, subject to certain conditions.
Interest Rate Cap [Member]
Mortgage Loans on Real Estate [Line Items]
Derivative, maturity date	Jul. 9, 2019
Net proceeds from borrowings on mortgage payable and mezzanine loans	$ 800,000,000
Fort Worth, Texas Residence Inn [Member]
Mortgage Loans on Real Estate [Line Items]
Loan, maturity date	Oct. 6, 2022
Loan, interest rate	4.73%
Fort Worth, Texas Residence Inn [Member] | Mortgages Payable [Member]
Mortgage Loans on Real Estate [Line Items]
Loan, Outstanding principal balance	$ 15,500,000	$ 15,600,000
Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Number of hotels owned | Hotel	45		52
LIBOR [Member] | Mortgage and Mezzanine Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Margin rate	2.15%
One-Month LIBOR [Member] | Interest Rate Cap [Member]
Mortgage Loans on Real Estate [Line Items]
Margin rate	4.25%
Collateral Pledged [Member] | Hotel [Member] | Loan Agreement [Member]
Mortgage Loans on Real Estate [Line Items]
Number of hotels owned | Hotel			51

Mortgages Payable - Schedule _2

Mortgages Payable - Schedule of Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest Expense [Abstract]
Mortgage debt	$ 8,275	$ 7,502
Amortization of deferred financing costs	1,111	1,959
Capitalized interest	(52)	(37)
Total interest expense, net	$ 9,334	$ 9,424

Mortgages Payable - Schedule _3

Mortgages Payable - Schedule of Future Principal Payments of Debt Obligations (Assuming Sale of Hotels Held for Sale) (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Debt Disclosure [Abstract]
2019 (remaining months)	$ 680,128
2020	533
2021	562
2022	14,036
2023	0
2024	0
Thereafter	0
Total	$ 695,259

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable and mortgages payable related to assets of hotels held for sale, Carrying Value	$ 693,865	$ 715,206
Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable and mortgages payable related to assets of hotels held for sale, Carrying Value	695,259	717,711
Mortgages payable and mortgages payable related to assets of hotels held for sale, Estimated Fair Value	$ 694,924	$ 717,227

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Detail) $ in Millions	1 Months Ended
	Jul. 31, 2017Agreement	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of interest rate cap agreement acquired | Agreement	1
Interest Rate Cap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate derivative instrument cost		$ 0.2	$ 0.2
Fair value of interest rate derivative instrument		$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Mar. 01, 2019USD ($)	Mar. 31, 2019USD ($)Hotel	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Apr. 30, 2019USD ($)	Mar. 04, 2019USD ($)	Jul. 07, 2017Hotel	Dec. 31, 2016USD ($)
Long-term Purchase Commitment [Line Items]
Insurance receivable		$ 10,650	$ 11,958			$ 16,100		$ 5,100
Allowance on insurance receivable				$ 5,000
Loss on disposals of investment in real estate				$ 5,000
Total remediation costs and estimated loss due to property damage		800	4,800
Insurance deductable amount		(1,345)	1,200
Litigation Settlement, Amount Awarded to Other Party	$ 3,750
Accounts payable, accrued expense and other liabilities		22,636	22,706
Amount reseved for litigation settlement		$ 3,750	$ 3,750
Number of subset of hotels with ground leases | Hotel		2
Lessee, operating lease, Description		The Company is the lessee in a parking lease with a remaining term of eight years.
Operating lease , right of use assets		$ 700
Operting lease liabilities		$ 670
Operating lease, weighted average discount rate		4.50%
Operating lease, weighted average remaining lease term		7 years
Courtyard - Dothan, Alabama Property [Member]
Long-term Purchase Commitment [Line Items]
Sale of hotel		2019-02
Hotel [Member]
Long-term Purchase Commitment [Line Items]
Number of hotels owned | Hotel		45					52
Subsequent Event [Member]
Long-term Purchase Commitment [Line Items]
Insurance receivable					$ 4,300
Franchise Agreements [Member] | Minimum [Member]
Long-term Purchase Commitment [Line Items]
Royalty fee		4.50%
Franchise Agreements [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Royalty fee		6.00%
Affiliated Entity [Member]
Long-term Purchase Commitment [Line Items]
Management agreement terms, description		The agreements with less than one year remaining in their term generally automatically renew on annual or month-to-month terms unless either party to the agreement gives prior notice of the termination thereof.
Affiliated Entity [Member] | Minimum [Member]
Long-term Purchase Commitment [Line Items]
Payment of management fee as percentage of revenues		2.00%
Management agreement remaining terms, period		1 year
Affiliated Entity [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Payment of management fee as percentage of revenues		7.00%
Management agreement remaining terms, period		15 years
Affiliated Entity [Member] | Management Agreements [Member] | Hotel [Member]
Long-term Purchase Commitment [Line Items]
Number of hotels owned | Hotel		45

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019 (remaining months)	$ 134
2020	119
2021	76
2022	78
2023	81
2024	83
Thereafter	219
Total undiscounted future lease payments	790
Less: Discount	(120)
Total lease liabilities	$ 670

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Future Minimum Lease Payments Due under Operating Leases (Detail)	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019 (remaining months)	$ 107
2020	45
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Total	$ 152

7% Series A Cumulative Redeem_2

7% Series A Cumulative Redeemable Preferred Stock - Additional Information (Detail) - USD ($)	Mar. 31, 2019	Mar. 26, 2019	Mar. 31, 2019	Dec. 31, 2018	Nov. 29, 2012
7% Series A Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	43,821,901		43,821,901	43,821,901	97,032,848
Initial date for redemption of shares			Nov. 14, 2020
Preferred Stock, dividend rate			7.00%
Increase in dividend rate of preferred stock per annum, if not paid in cash for more than six quarters			7.00%
Increase in dividend rate of preferred stock if not redeemed after control events and May 14, 2018			11.00%
Increase in dividend rate, trigger date			May 14, 2018
Preferred stock initial liquidation preference per share	$ 1.90		$ 1.90	$ 1.90
Number of preferred stock owned by company	43,821,901		43,821,901	43,821,901
Accrued dividend	$ 2,300,000		$ 2,300,000
Dividend paid, date			Apr. 15, 2019
7% Series A Cumulative Redeemable Preferred Stock [Member] | Minimum [Member]
Class of Stock [Line Items]
Legacy litigation and regulatory matters, expense			$ 3,500,000
7% Series A Cumulative Redeemable Preferred Stock [Member] | BRE Holdings [Member]
Class of Stock [Line Items]
Number of preferred stock owned by company	900,000		900,000	900,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock initial liquidation preference per share		$ 1.90
Number of preferred stock owned by company	$ 0.0523
Preferred stock approved for redemption		20,945,000
Preferred stock approved for redemption per share		47.80%
Redemption price per share		$ 1.9099
Accumulated and unpaid dividends earned per share		$ 0.0099
Preferred stock approved for redemption value		$ 40,000,000

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Mar. 25, 2019	Mar. 07, 2019	Mar. 31, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Common stock, shares authorized			100,000	100,000		100,000
Common stock, par value			$ 0.01	$ 0.01		$ 0.01
Preferred stock, shares authorized			30,000,000	30,000,000		30,000,000
Preferred stock, par value			$ 0.0001	$ 0.0001		$ 0.0001
Common stock voting rights				Company's common stock are entitled to one vote for each share of common stock held.
Common stock, shares issued			100	100		100
Common stock, shares outstanding			100	100		100
Contribution by stock holders			$ 2,000	$ 2,000
Common Stock, dividend declared per share				$ 281,000	$ 40,000
Common Stock [Member]
Class of Stock [Line Items]
Dividend payable, date declared	Mar. 25, 2019	Mar. 7, 2019
Dividend payable, date to be paid	Mar. 25, 2019	Mar. 7, 2019
Common Stock, dividend declared per share	$ 160,000	$ 121,000
Amended And Restated Certificate Of Incorporation [Member]
Class of Stock [Line Items]
Capital stock, shares authorized			150,100,000	150,100,000
Common stock, shares authorized			100,000	100,000
Common stock, par value			$ 0.01	$ 0.01
Preferred stock, shares authorized			150,000,000	150,000,000
Preferred stock, par value			$ 0.0001	$ 0.0001

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax benefit (expense)	$ 1,035	$ 698
Deferred tax valuation allowance	$ 10,900		$ 10,700

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)Hotel	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Jul. 07, 2017Hotel
Related Party Transaction [Line Items]
Capital improvements payable	$ 523,000		$ 360,000
Prepaid Expenses and Other Current Assets [Member]
Related Party Transaction [Line Items]
Prepayments related to corporate services agreement	$ 600,000		500,000
Hotel [Member]
Related Party Transaction [Line Items]
Number of hotels owned | Hotel	45			52
Hilton Worldwide Inc [Member]
Related Party Transaction [Line Items]
Franchise fees, marketing fees, and other expenses	$ 4,000,000	$ 3,800,000
Capital improvements payable	0		0
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Professional fees paid to management company	600,000	$ 1,200,000
Management Company [Member]
Related Party Transaction [Line Items]
Capital improvements payable	$ 0		$ 0
Hilton Worldwide Holdings Inc. Franchisor [Member] | Hilton Worldwide Inc [Member] | Hotel [Member]
Related Party Transaction [Line Items]
Number of hotels owned | Hotel	26